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Technology platform Waterdrop Inc. opened the year on a positive note, as the firm rebounded back to positive growth during the quarter.
Source: Waterdrop Inc.
WDH is down 8.18%, while EWX is up 0.90%.
The first-quarter net profit attributable to Waterdrop Inc. stood at RMB104.958 million, up from the RMB370.156-million net loss in the same quarter last year and the RMB71.197-million loss in the previous quarter.
First-year premiums through its insurance marketplace stood at RMB1.866 billion, and the net operating revenue climbed by 7.4% to RMB648.688 million from RMB603.888 million in the fourth quarter of 2021.
The first three months of the year was the second full quarter after Waterdrop upgraded its business model for its insurance business, with its repurchase rate up to over 70% and the renewal rate up to over 90%.
The company expects to achieve overall profitability in the year, with quarterly growth seen to continue in the second quarter of the year based on the current market conditions.
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